In this section, “street rod” means a motor vehicle that: Is 25 years old or older; and Has been substantially altered from the manufacturer’s original design. Except as provided in subsection (e) of this section, if registered with the Administration under this section, every street rod is a Class N (street rod) vehicle. For each Class N (street rod) vehicle, the annual registration fee is: On or after July 1, 2024, but before July 1, 2025, $45.00; and On or after July 1, 2025, $55.00. In applying for registration of a street rod under this section, the owner of the street rod shall submit with the application a certification that the vehicle for which the application is made: Will be maintained for use in exhibitions, club activities, parades, tours, occasional transportation, and similar uses; and Will not be used: For general daily transportation; or Primarily for the transportation of passengers or property on highways. The registration of a street rod registered before July 1, 1987, as a Class L (historic) vehicle shall remain valid until midnight on the date indicated on the registration card issued by the Administration. On expiration of a street rod’s registration as a Class L (historic) vehicle, a street rod registered with the Administration shall be registered as a Class N (street rod) vehicle as required by this section. Except as provided in § 13–936.1 of this subtitle, on registration of a vehicle under this section, the Administration shall issue a special street rod vehicle registration plate of the size and design that the Administration determines. Unless the presence of the equipment was specifically required by a statute of this State as a condition of sale when the vehicle was manufactured, the presence of any specific equipment is not required for the operation of a vehicle registered under this section. A vehicle registered under this section is exempt from any statute that requires periodic vehicle inspections or that requires the use and inspection of emission controls.